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2oioo7s35 (o) The Owner will develop and operate the Praject in accordance with (i) the applicable provisrans af Section 42 af the Code, (ii) the terms of this Agreement, (iii) the Program Requirements, (iv) all applicable federal, State, and lacal statutes, rules and regulatians with respect to the Prajcct including, without limitatian, the Fair Hausing Act (42 U.S.C. 3601, et seq.}, as amended, and (v) all applicable eequircments nf any Governmental Authorities having jurisdiction over the Project. � (p) The Owner shall not sell, lease (ather than by residential leases in the ordinary course af business), transfer or otherwise dispose of any material portion af the Project, without the priar written consent af the Authority, provided transfers in the Owner's memhers as permitted pursuant ta the Owner's First Amended and Restated Operating Agreement shal] nat be prohibited pursuant to this Agreement or ather Scctian 1602 Program docarnents if prior written notice is given to the Authority as set farth in Sectian 11.1. Section 7.2. Covenant of Comaletion The Owner unconditianally covenants and warrants that it shall meet the Construction Carnpletion Date. The �wner shall cause the Praject to satisfy all constntctiQn related requirements af the Mortgage Loans, including any requicement related ta completian of the Project. The Owner shall pay all costs to carnplete the constructian of the Project in accordance with the Plans and Specifications when and as incurred, regardless af whether such casts exceed the amnunts anticipated for such items in the Budget or the sources otherwise available to pay such casts (in either such cvent, said costs being referred to as "Excess Develapmcnt Casts"). The Owner shall pay any Excess Development Costs by the earliest of (a) the date required to avaid a default or pcnalties under the Martgag� Laans, (b) the date required to keep all souxces of funding for the Praject "in balance," (c) ths date required ta keep all expenses without a specific maturity date paid on a sixty (60)-day current basis, or (d) such eaxlier date as may be set forth in this Agreement. ARTICLE VIII BOOKS AND REPORTING Sectian 8.1. Financial Status Reports (a) The Owner shall maintain ar cause to be maintained far the term af this Agreement a complete and accurate set of baoks and supporting documentatian of transactions with respect to the canduct af the Owner's business. The Autharity shall have the right ta exarnine the books of the Qwner and all athcx records and information cancerning tlie aperatian of the Project from time ta time without prior notice during regular business hours pravrded that such examination shall not unreasonably disrupt or interfere with the Owner's business or operations. (b) The Qwner shall send to the Authority na later than twenty (20) calendar days following the clase af each F'iscal Quarter the fallowing information (which need not be audit�d): (i) a balance sheet as of the end of each Fiscal Quarter, (ii) a statement of incorne far each such Fiscal Quarter, (iii) a statement af cash flows and (iv) (collectively, the "Quarterly �'inancial Status Reports"). If the Quarterly �'inancial Status Reports are not delivered to the -15- A841-2135-3478.2